I have been doing trade and travel for the most part of my life. I have come to live unforgettable experiences and have a lot of memories in many places. Not only that, but I have met many people and I have immersed myself in many cultures. For sure, traveling is one of the best experiences someone can get. How to do travel and trading simultaneously?Here is details of what I’m going to be sharing my secret tips for travel and trading.
First of all, what is travel trading? That’s an easy answer, it’s basically doing day trading while traveling. As most of you must know, I’m a day trader and I love spending my time traveling with my family. And it can get quite messy sometimes.
Trading is getting a huge ton of attention lately with all the craziness that’s going on in the markets those days. Not only that, day traders are considered as a digital nomad, one of the most profitable and one of the most time-wise.
Tips for trade and travel
Among the vast variety of traders, there’s a nice portion that wants to retiree and travel from a beach. And another good portion is everyday guys that leave it’s 24/7 jobs. Jump into the adventure of traveling and trading. That’s why I’m going to be sharing those tips. But don’t worry, if you aren’t planning to travel any time soon this will help you too.
Choose the right broker
This is one of the first things you need to do if you’re planning to trade while on vacation or traveling. If you’re a regular trader, you must have your own favorite broker and platform to do your daily trades. But, not all those brokers are suitable for trading. You can suffer some drawbacks like: it’s blocked on the country you’re visiting, or you need some special permission.
What can you do about it? Research.
The research will be your best friend. For example, if you’re going to travel to Australia, you can start by searching reviews for a popular broker. For example, eToro is one of the most popular broker/trading platforms around, you can search for an etoro australia fees to get started.
Choose the right location
Choosing the right country will be vital if you plan to keep making trades while traveling. Why? As I mentioned, some countries don’t support very well trading activities. For example, Venezuela is not forbidden to use the markets and retail traders can “freely” trade from the country. But, many brokers and trading platforms are not providing services to the country, or the country doesn’t allow you to access their websites.
This would depend on what you trade, forex traders are on the safe side in most cases. Like this are many examples, try searching which country supports your broker to get an idea.
Traveling Trading Station
A travel trading setup will be your best friend. Simply, it’s where you’ll be spending your time trading. It needs to be: packing-wise, lightweight, and do not get out of the usual. What do I mean? You’re used to your home trading setup and if you are not used to the travel trading setup you will have a hard time, and maybe some red days.
Of course, you always can refresh your memory and learn how to copy trade on etoro again. In case you are not used to your new trading setup, you should be trading a lot more conservatively, reduce lots, shares and place your stop losses smaller.